North Janine 4

What Happened

• Janine North, a director of Mercer International Inc. (MERC), received a grant of 25,000 deferred stock units (DSUs) on 2026-06-02. The award is a derivative, cash‑settled grant (no shares were issued) and the filing lists no per‑share price (N/A).
• These DSUs represent the right to receive a cash payment equal to the fair market value of one share of Mercer common stock on redemption, plus dividend equivalents after the reporting person leaves the board (unless deferred). The DSUs vest on the earlier of one year from the grant date or the date of the 2027 annual general meeting.

Key Details

• Transaction date: 2026-06-02; Transaction type: Award/Grant (code A); Amount: 25,000 DSUs; Price: N/A (cash‑settled derivative).
• Shares owned after transaction: Not disclosed in this filing.
• Footnote: DSUs were elected as an equity grant under Mercer’s non‑employee director compensation program for the board term beginning June 1, 2026 (see footnote F1).
• Timeliness: Filing and period of report are the same date (2026-06-02), indicating a timely report.

Context

• DSUs are common director compensation that do not immediately represent voting stock; they provide a future cash payout tied to Mercer’s share price. This is a routine compensation grant and should be interpreted as compensation, not an open‑market purchase or sale.